Tue, May 14, 9:19 PM (233 days ago)
**North Haven Private Income Fund LLC (NHPI) - Q1 2024 Financial Summary** NHPI reported a significant increase in its assets to $4.08 billion as of March 31, 2024, up from $3.46 billion at the end of 2023. This growth was driven by a rise in non-controlled/non-affiliated investments, which increased to $3.83 billion from $3.20 billion. Cash reserves slightly decreased to $198.72 million. **Key Financial Metrics:** - **Revenue**: Total investment income for Q1 2024 was $105.97 million, a substantial increase from $57.10 million in Q1 2023. - **Expenses**: Total expenses rose to $49.91 million from $26.62 million, primarily due to higher interest and financing expenses, management fees, and income-based incentive fees. - **Net Investment Income**: NHPI achieved a net investment income of $56.05 million, up from $30.49 million in Q1 2023. - **Net Realized and Unrealized Gains/Losses**: The fund reported a net loss of $2.32 million in this category, compared to a gain of $8.24 million in the same period last year. **Liabilities and Capital:** - **Debt**: Increased to $1.09 billion from $914.83 million. - **Total Liabilities**: Rose to $1.39 billion from $1.16 billion. - **Members' Capital**: Increased to $2.69 billion from $2.30 billion, with net asset value per unit slightly declining to $19.05 from $19.11. **Performance and Trends:** - The fund saw a marked increase in investment income and net investment income, reflecting strong performance and successful capital deployment. - Expenses also rose, driven by higher management and incentive fees, reflecting the increased asset base and investment activity. - The fund's net asset value per unit experienced a minor decline, indicating slight pressure on unit value despite overall growth in assets. **Future Outlook:** - NHPI's robust increase in assets and investment income positions it well for continued growth. - However, rising expenses and a slight decline in net asset value per unit may warrant close monitoring for future performance sustainability.